Investors can use the Trade menu in IBKR’s Client Portal to trade any available products, view orders & trades, exercise options, convert currency, and close positions.
Submit a Trade
From the Trade menu, select Order Ticket. All products available to trade will be listed along the top of the screen: Stocks, Options, Futures, Future Options, Warrants, CFDs, Mutual Funds, Bonds, Commodities, Forex, or the option to Convert Currency or Close Positions. Please note that the investor will need to add trading permissions for any products and locations they wish to trade. We will discuss how to add trading permissions in a later lesson.
An Order Ticket will be displayed to the left. Investors can use the search bar to search by ticker symbol or company name. Enter the symbol, select Enter, and choose the exchange. Multiple exchanges will be listed however please note investors will only be able to submit an order for exchanges they have trading permissions configured for. Once a ticker symbol has been selected, the middle of the page will display a chart, along with the bid and ask. Additional data values will be shown below the chart, including Volume Today, Average Daily Volume, Open Price, Market Cap and more. Investors can adjust the time period of the chart by selecting from the list along the X axis of the chart. To the right of the chart, the investor can see details of their account balances, such as Net Liquidity, Unrealized P&L, cash balances, and margin requirements.
Selecting the Back button above the chart will remove the existing ticker symbol from the order ticket and display any recently searched tickers.
To submit an order through the Order Ticket, the investor will select Buy Order or Sell Order, enter the quantity (which can be entered in shares or dollars, if fractional shares are enabled), the order type, price, time in force, and indicate if they would like the order to fill Outside Regular Trading Hours. When the investor is ready to submit the order, they can select the Preview button to view a projection of their account balances post trade, or the blue Submit Order button to transmit the order.
Submitting an Order to Close an Existing Position
If the investor has an existing position they would like to close, they can easily do so from the Portfolio window. The investor selects Portfolio along the top of the page and then locates the position they would like to close from the list of current holdings. In this example, the investor is looking to close out of their AT&T position so they select the ticker symbol, T. To the right of the symbol it will show “Position”. The investor selects the three dots icon at the far-right hand side of the row and from the menu selects Close. An Order Ticket will appear populated with the order to close out of the existing position. In this example, the order ticket is populated as a Sell Order with a quantity of five as the investor was long five shares of AT&T. The investor can fill in any order type, price and time-in-force details and, when ready, selects Submit to transmit the order.
In a later lesson, we will review the Client Portal options trading capabilities.
Orders & Trades
Investors can see a list of recent orders and executed trades from the Trade menu by selecting Orders & Trades. The Orders section will display a list of recent orders and their status, as well as the option to modify or cancel orders that have not yet filled. The Trades section will display any executed trades.
Investors can use the Convert Currency option to easily convert cash from one currency to another. The middle of the page will display the investor’s current cash balances. To convert a currency balance, the investor can use the “From” dropdown menu to select the currency they have and would like to convert. Next they will use the “To” dropdown menu to select the currency they would like to convert the balance to. The investor can enter the amount they would like to convert in terms of the starting currency or the ending currency and the other field will automatically populate thereafter. Please note the currency conversion will use a market order type. The investor will select Submit when ready to transmit the order.
The Close Position tool allows investors to close all or specific positions in their portfolio. The investor can choose from 100%, 75%, 50%, 25% or a Custom amount they would like to close. From the Instruments dropdown, the investor will select the product they would like to close and check off the boxes for Long or Short. Fill in the additional order details and select Close Positions when ready to submit the orders.
Note that the more advanced tools such as Basket Trader, Market Depth Trader, Risk Navigator, algo order types, and more are only accessed within the Trader Workstation (or TWS). For more information, please see our dedicated TWS courses.
Disclosure: Interactive Brokers
The analysis in this material is provided for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IBKR to buy, sell or hold such investments. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.
The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Interactive Brokers, its affiliates, or its employees.
Disclosure: Options (with multiple legs)
Options involve risk and are not suitable for all investors. For information on the uses and risks of options, you can obtain a copy of the Options Clearing Corporation risk disclosure document titled Characteristics and Risks of Standardized Options by clicking the link below. Multiple leg strategies, including spreads, will incur multiple transaction costs. “Characteristics and Risks of Standardized Options”
Any discussion or mention of an ETF is not to be construed as recommendation, promotion or solicitation. All investors should review and consider associated investment risks, charges and expenses of the investment company or fund prior to investing. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.
There is a substantial risk of loss in foreign exchange trading. The settlement date of foreign exchange trades can vary due to time zone differences and bank holidays. When trading across foreign exchange markets, this may necessitate borrowing funds to settle foreign exchange trades. The interest rate on borrowed funds must be considered when computing the cost of trades across multiple markets.
Disclosure: Options Trading
Options involve risk and are not suitable for all investors. Multiple leg strategies, including spreads, will incur multiple commission charges. For more information read the “Characteristics and Risks of Standardized Options” also known as the options disclosure document (ODD) or visit ibkr.com/occ
Disclosure: Futures Trading
Futures are not suitable for all investors. The amount you may lose may be greater than your initial investment. Before trading futures, please read the CFTC Risk Disclosure. A copy and additional information are available at ibkr.com.